Chinese oil and gas major CNOOC has sounded out potential buyers of its interests in U.S. oilfields, two sources said, stepping up its retreat from Western nations amid sanctions concerns and calls for domestic investment. Reuters reported in April that CNOOC was considering an exit from its operations in Britain, Canada, and the United States, because of concerns in Beijing that those assets could become subject to Western sanctions…
China's top offshore oil and gas producer CNOOC Ltd. is preparing to exit its operations in Britain, Canada, and the United States, because of concerns in Beijing the assets could become subject to Western sanctions, industry sources said.Ties…
Chevron Corp on Friday reported its highest profit in six quarters and joined an oil industry stampede to reward investors with share buybacks, as rebounding crude oil prices carried earnings and cash flow to pre-pandemic levels.Oil and gas…
Currently one in every five barrels produced in the United States comes from the Gulf of Mexico (GoM), and 88% of that output flows from reservoirs in water depths greater than 500 feet.In 2016 the GoM produced 575 million barrels of oil, and in 2017 621 million barrels…
Industry conditions remained challenging; but awards to market are expected to increase in 1H 2018, says subsea contractor Subsea 7, echoing optimism indicated by rival TechnipFMC last month. The firm's boss, CEO Jean Cahuzac, says: 'Although the market environment remains challenging…
Stampede subsea layout. Photo from Hess. A combination of LEAN business practices, technology, and a digital approach will enable Hess to bring online its Stampede tension leg platform project…
With large-scale projects on hold, subsea tiebacks are accounting for 75-80% of sanctioned projects. Will it last? Elaine Maslin shares Wood Mackenzie’s view. Statoil’s Bryding tieback layout…
Hess Corp.’s Stampede tension leg platform moved one step closer to production Wednesday following completion of an initial pre-production inspection of its topsides by the Bureau of Safety and Environmental Enforcement (BSEE) at the Kiewit shipyard in Ingleside…
Hess Corp. posted a US$4.9 billion net loss in Q4, as the company moves forward to focus on its developments offshore Thailand and in the Gulf of Mexico, which are expected to contribute significant production and cash flow. The…
US independent Hess will increase its 2017 exploration and production (E&P) budget, turning its attention to activity offshore Norway, Guyana, and the Gulf of Mexico, the company announced on 12 January. Image from Hess…
Hess is dedicated to bringing its Stampede project online on-time and on-budget, with safety being the key to success. Jerry Lee dives into the finer details of the project, slated for 2018. In September 2016…
Aberdeen, UK-based services firm Proserv has won two significant contract wins in the Gulf of Mexico. The deals with Talos Energy and Hess Corp. will see Proserv carry out work at the operators’ respective Phoenix and Conger field expansion developments…
The Energy Industries Council’s project tracking database EICDataStream is currently tracking 85 active and future projects in the US Gulf of Mexico, in various stages of development, and the outlook for 2017 and beyond is positive. Major…
Quest Offshore assesses the drilling, subsea, and marine construction dynamics affecting of one of the world’s pre-eminent deepwater basins amid the downturn. The Gulf of Mexico has long been a region of critical importance to the global deepwater industry…
Hess Corp. recorded a US$509 million loss in Q1, in addition to a 34% drop in its revenue. Image from Hess. The loss is much wider than the Q1 2015 loss of $389 million. The decrease…
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